Laminating Adhesives Market is estimated to grow at a 6.9% CAGR to reach USD 4.8 Billion by 2027.
Market Synopsis
Laminating adhesives use pressure and heat while shielding the objects to adhere to the substrate. They are widely used in industrial and packaging and in the automobile and electronics industries, where labels for fragile components are needed. The demand for consumer-friendly packaging, convenience foods, and beverages are some of the key reasons driving the growth of the laminating adhesives market. One of the main factors driving the growth of the laminating adhesives market is the potential advantages of the adhesives, such as their low weight, ease of handling, need for less space, longer shelf life, and great resistance to wear and abrasion. The manufacturing sectors are moving toward flexible packaging along with the packaging sector.
By laminating various films, laminating adhesives have evolved into the perfect options for creating films with novel functions. They are used more frequently in various packing applications that demand powerful bonding. During the projected period, there is anticipated to be a significant increase in the demand for flexible packaging across several industries. The need for cyanoacrylate-based structural adhesive products is anticipated to rise in the upcoming years. Plastics, rubber, and metal substrates can all be joined together with cyanoacrylates. They can be applied to plastic tubing, IV tube sets, and needle bonding.
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Market Drivers:
Over time, it is anticipated that rising pharmaceutical requirements for tablets, pouches, and medical equipment will support market expansion. Healthcare needs are developing quickly due to a growing population and an increasing percentage of the elderly in some countries. When attaching paper, plastics, and aluminum, lamination adhesive products are widely used in healthcare packaging. Market expansion is projected to be aided by advances in plastic packaging and a focus on boosting machine productivity through cutting-edge packaging materials. The global adoption of flexible packaging, ease, and other features are driving the laminating adhesives industry’s overall expansion.
Additionally, it is anticipated that rising demand for frozen foods and governmental backing for developing processed agrifoods will boost the market value for laminating adhesives. The widespread use of laminating adhesives in consumer devices and the electrical sector is anticipated to expand the laminating adhesives market. Due to government rules established throughout industrialized countries, the requirement for water-based laminating adhesives is rising relative to solvent-based adhesives, creating the profit potential for the industry’s overall growth.
Market Restraints:
Despite their greater performance, government laws were limiting the use of the solvent-based laminating adhesives. Water-based adhesives, on the other hand, are suggested for industrial uses. The drying and curing procedures for water-based adhesives take a long time, and the different flow properties and other problems, such as drying water in humid conditions, are some of the main barriers to the market’s expansion for laminating adhesives.
Market Segmentation
The global laminating adhesives market has been segmented by type, resin, application, and region. Based on type, the market has been segmented into solvent-based, solvent free, water-based, hot melt, radiation curable, and others. The demand for water-based laminating adhesives is increasing in end-use industries on account of increasing regulations against VOC emissions that occurs when solvent-based adhesives are used. Water-based adhesives are manufactured using natural occurring materials such as dextrins, sodium silicates, and natural rubber. The demand for water-based adhesives is increasing in numerous applications including flexible packaging and automotive among others. Solvent free laminating adhesives are being widely preferred in wet environment and also, in food applications due to growing awareness about the material safety used for packaging. Solvent based laminates are used in both food and non-food applications such as automotive interiors, construction material, and electrical materials among others.
Based on resin, the market has been segmented into polyether urethane, polyester, polyester urethane, acrylic, and others. Acrylic segment accounted for the largest share of the global laminating adhesives in 2017. This market growth can be attributed to the superior benefits offered such as cost effectiveness and ability to provide bonds for all materials ranging from flexible and tough to rigid and hard.
Based on application, the market has been segmented into packaging, automotive interiors, construction materials, floor basecoat, electrical materials, and others. Packaging has been further sub-segmented into food, medical, and others. Packaging segment accounted for the largest market share on account of increasing demand in flexible packaging applications especially food. Automotive interior segment is likely to drive the market growth at a significant rate on account of increasing production of vehicles globally.
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Regional Insights
The majority of people in the region are changing their attitudes and ways of living due to the widespread use of social media and the internet, which affect how packaged goods are consumed and how the packaging industry is supported. These elements are anticipated to support the industry’s overall growth in North America for laminating adhesives. The American pharmaceutical industry’s restructuring is expected to present a wide range of prospects for market vendors. Pharmaceutical businesses are concentrating on creating cost-effective goods and diversified tactics to restructure themselves. Over time, this will probably positively affect laminating adhesive goods. The world’s largest market by revenue share was found to be Asia-Pacific. Long-term interest in lamination adhesives is anticipated to be attracted by rising end-use sector expansion.
The consumer goods, healthcare, and automotive industries will likely see increased production capacity due to investments in new manufacturing facilities, accelerating market growth. Due to ease and lower production costs, the manufacturing and industrial industries have adopted flexible packaging more frequently in recent years. Due to numerous manufacturing and industrial facilities in the Asia-Pacific region, the laminating adhesives market is anticipated to experience a higher growth during the projected period. Over the past few decades, nations like China and India have prospered in the contract production of pharmaceuticals. The sector’s expansion has been aided by lower operating costs across all resources, including labor. Labels, bags, lids, and other medical products are in high demand in this industry.
Key Market Players:
The prolific contenders in the laminating adhesives market are: Henkel AG & Co. KGaA (Germany), H.B. Fuller Company (US), Vimasco Corporation (US), Toyo-Morton, Ltd (Japan), 3M (US), DowDuPont (US), Coim Group (Italy), Ashland (US), Bostik (US), Flint Group (Luxembourg), LD Davis (US)
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